Merck is hunting for drugs, people

As Merck prepares to host its first big investor event in five years this afternoon, the pharmaceutical giant is reportedly embarking on two major searches: one for new cancer therapies that might brighten its future, and another for a CEO to see the plan through.

According to Bloomberg, the company is vetting internal candidates in hopes of finding a successor for Ken Frazier, the well-regarded CEO who will turn 65 in December. Merck’s board already bent the rules that would have forced Frazier into retirement, and now it’s laying the groundwork for his eventual exit, Bloomberg reported.

Separately, The Wall Street Journal said Merck is actively looking for deals that might expand its pipeline of cancer drugs. That’s probably not much of a surprise considering that Keytruda, the cancer immunotherapy that accounts for more and more of Merck’s revenue, will lose patent protection some time in the next decade.